Fri 4 Dec 2009
Saxo Bank Enter Into Agreement To Acquire E*TRADE’s Nordic Business
Posted by EPR Network under Business, Deals, Economy, Featured, Financial
Released on: December 04, 2009, 12:17 pm
Author: Saxo Bank
Industry: Financial
Saxo Bank, the specialist in online trading and investment, has announced that it has entered into a definitive agreement to acquire E*TRADE International’s local Nordic online trading business and online bank from E*TRADE Nordic AB, an indirect subsidiary of US-based financial services company E*TRADE FINANCIAL Corporation. The Nordic business includes client accounts in Denmark, Iceland, Finland, Estonia, Latvia, Lithuania, Sweden, and Norway.
This strategic move continues Saxo Bank’s steady expansion over the last few months and further cements Saxo Bank’s position in the Scandinavian marketplace.
The acquisition of one of Scandinavia’s established online bank and brokerages is a further step by Saxo Bank towards offering more saving and investment products to investors. Following this latest acquisition, Saxo Bank will be able to offer pension products as well as stock and margin accounts, bond offerings and, in the future, a Funds Supermarket. Moreover, Saxo Bank’s AUM will increase by more than DKK 5.0bn and the acquisition adds an additional 50,000 active accounts.
